2024-11-8 08:30 |
The recent presidential election has sent ripples through the cryptocurrency market, with Bitcoin prices reacting positively to Donald Trump’s victory over Kamala Harris.
As Trump prepares to take office for a second term, his ongoing commitment to making the United States the “crypto capital of the world” has ignited bullish sentiment among investors, positioning Bitcoin at the center of his economic proposals.
‘$13 Million Bitcoin Price Target Is Bearish’Dennis Porter, CEO and co-founder of the Satoshi Action Fund has been vocal about the implications of Trump’s win for Bitcoin and the broader cryptocurrency landscape.
In a series of posts on social media platform X (formerly Twitter), Porter highlighted the potential for Bitcoin to experience significant price discoveries in the coming years. He emphasized that the election outcome signals a substantial shift in the political landscape regarding cryptocurrency.
Porter stated that after the 2024 presidential election, it is “abundantly clear” that Bitcoin is a “winning issue,” claiming that opposing Bitcoin support is “political suicide,” with a forecast that the United States will lead on BTC.
The Satoshi Act Fund CEO believes that as the global community comes to terms with this reality, a “dramatic” acceleration in Bitcoin adoption will follow.
In addition to Trump’s victory, the Republican Party has secured a majority in Congress, further enhancing the prospects for cryptocurrency legislation. Porter noted that over 250 members of Congress are now pro-Bitcoin, which could facilitate a more favorable regulatory environment for the crypto market to thrive.
This newfound political support could lead to legislation clarifying regulations and encouraging innovation and investment in the digital asset sector. It could also pave the way for the approval and introduction of one of Trump’s key promises: to make BTC a strategic reserve asset for the country.
One of Porter’s most striking comments came just 24 hours after the election when he suggested a forecast of $13 million per Bitcoin could be considered bearish. “Expect the unexpected,” he said, hinting at the possibility of even higher valuations for Bitcoin shortly.
Extended Bull Run For BTC?In an update on social media, market expert Rekt Capital provided insights into BTC’s short-term price action. He highlighted the importance of a weekly candle close above $71,500, which could signal the start of a breakout from the current re-accumulation range.
Rekt Capital notes that Bitcoin has been in a prolonged re-accumulation phase for over 200 days since the last Halving event, which occurred earlier this year in April.
The expert points out that the historical trend suggests bullish sentiment, as Bitcoin’s cycle has dramatically reduced from an average of 260 days to just 13 days in the current post-Halving context.
This reduction in cycle duration indicates that Bitcoin is in a slightly accelerated phase compared to previous cycles. However, the current rate of acceleration is not as steep as earlier in the year, particularly in March 2024, suggesting a stabilizing trend.
Due to this extended consolidation period, Bitcoin has almost completely realigned with historical Halving cycles. Rekt believes this resynchronization could lead to a longer, more robust bull run than anticipated.
In a related analysis, crypto analyst Ali Martinez speculates on the potential timing of the next market peak for Bitcoin. He highlights a historical pattern wherein Bitcoin typically reaches market tops 8 to 12 months after achieving a monthly close above its previous all-time high.
Ali Martinez predicts that the next significant market top for the leading crypto could occur between July and November 2025 if this pattern holds.
At the time of writing, BTC was trading at $75,100.
Featured image from DALL-E, chart from TradingView.com
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